Questions From A Lamer

[lobo]

1- How much money can veteran have in bank and still draw benefits

2-Can a veteran own a home and draw benefits, I own half a home left to me in a special needs trust

from my mother's will

[Hoppy]

lobo,

I did not know about the availability of the 16,500.00. You really need to run this by an SO. This stuff does not come up much here. I had to deal with it and every penny I got from the trust was deducted from my NSC pension. I did not get any property from the trust. The trustee may be obligated to hold the money rather than allow the distribution to cause you loses of the NSC pension. In my trust the trustee was required to pay me the earnings and had discretion to pay me principal. The trustee found out that the discretionary principal disbursments would be deducted from my VA NSC pension and refused to give me any principal until I got Service connected.

Your idea about capital improvements to the property might work. Especially if the improvements are to make needed repairs to the property rather than new additions. An SO should be able to give you better answers.

Edited December 7, 2006 by Hoppy

[lobo]

Hoppy, thank you so much for all your time and effort as I have learned alot from you, but it seems every cornor I turn theit are more questions, this may not be as hard, Where is a good VSO, Is it free, to ask about all this mess as I do not want to make mistake, I will not take anything from trust, believe that until I get a very bright green light, also what service organization would you recommend.

[lobo]

If I recieved any money from Mothers bank account is it better to volenteer that info to the VA and offer to have so much taken out of my pension check each month until I pay it off, I guess because of the brain thing and losing my Mother, and my younger brother died 9 days before Mom, we never told her. I spent money on house, new water pipes outside and inside, new blinds as there was nothing at all on most windows and indoor out door carpet as carpet was the same that came with house when Mom bought it in 1968. They won't can me will they if I fess up, this brain thing, losing Mom and my younger brother 9 days before, man, what a mess, but I depend on the pension to live, what should I do?

[lobo]

Below

Edited December 10, 2006 by lobo

[Hoppy]

lobo,

Funny thing about trusts is that someone you love must go before you get the benefit of the trust. My trust is a generation skipping living trust that was set up by my grandfather. My mom passed away so me and my brothers became beneficiaries in her place. It took us a year to even realize what we got. The trust has a finicial services division of a large bank as trustee. The trustee in this case makes decisions about how the money is spent. Thus, we only make requests. The money can go straight from the trustee to a purpose such as repairs to our homes. In so doing the money never reaches our account. So my aunt needed some alterations to her bathroom for a handicapped person. She told the trustee and the trustee made all the arraingments and paid the contractors.

There are some questions about the way you got the money from your mom. Do you have a trustee and are you the trustee or someone else. Is the money in your account or a trust account. My guess is that there should be ways that you can get the benefit of a trust in such a manner that you can make repairs to the house without it being considered cash that is available to you for your support. I would rather you talk it over with an SO than try to figure it out myself over the internet.

[lobo]

Hoppy, My older brother is trustee of my trust, this was not insurance money going to trust but money she had in bank, no the money is gone, not in my account. thanks

The will is in probate

Edited December 10, 2006 by lobo